Galaxy profits fail to rocket in 2015
Macau casino operator Galaxy Entertainment Group saw its profits fall by 60% in 2015.
In its results for the year, the company that owns Galaxy Macau and StarWorld Macau said that it made $4.2 billion (€3.8 billion) in the 12 months through to December 31, with full-year group revenue decreasing by 29% year-on-year to $51 billion.
Citing the continuing problems of Macau’s casino sector, Galaxy said that full-year adjusted earnings decreased by 34% to $8.7 billion.
Dr Lui Che Woo, chairman of Galaxy, said: “2015 was another year of important milestones and considerable progress for the group, despite widely-reported macro headwinds continuing to impact the entire industry, dampening both customer spending and visitation to Macau.”
The company added that Q4 group adjusted earnings were up sequentially by 18% to $2.5 billion, although they were down 7% year-on-year.
It also said that Q4 adjusted earnings at its flagship Galaxy Macau property were up sequentially by 21% to $2.0 billion, and in line with the previous year.
Woo added: “Phase 2 of Galaxy Macau is a dramatic new landmark in Cotai and we are proud to have created such a high quality integrated resort. With the two new developments completed last year, we believe that we have significantly enhanced our mass and family offer and competitive positioning.”
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